NECO SSCE - Economics - 2004 (Objective)

The assumptions of the principles of comparative cost advantage is based on

I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology

II & III only

I & II only Correct answer

I, II & III only

II only

III only

Answer Details

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Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 29 Report

In international trade, when payments of a country are higher than the receipts, then the balance of payment is

favourable

in equilibrium

perfect

unfavourable Correct answer

uniform

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on International Trade And Balance Of Payments (WAEC)

International Trade

International Trade And Balance Of Payments

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Question 30 Report

Which of the following is NOT a problem of population census in Nigeria?

inadequate transportation

High birth rate

High cost

Mass illiteracy

Political interest Correct answer

Answer Details

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Population

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Question 31 Report

All the following are the objectives of economic planning EXCEPT to

reduce the rate of inflation and achieve stable value for the naira

encourage inflow of public and private capital

evolve a sequential political transition and enthronement of popular government Correct answer

reduce economic dependence on foreign nations

achieve full employment

Answer Details

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Economic Development And Planning

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Question 32 Report

Which of the following will NOT be a barrier to international trade?

Communication hindrances

Easy conversion of currencies Correct answer

Geographical locations

Ideological differences

Imposition of duties and quotas

Answer Details

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Read lesson note on Economic Integration (WAEC)

International Trade

Economic Integration

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Question 33 Report

An inflation which occurs as a result of increase in production cost is known as

cost-push inflation Correct answer

creeping inflation

demand-pull inflation

hyper-inflation

runaway inflation

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Theory Of Costs (JAMB)

Money And Inflation

Theory Of Costs

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Question 34 Report

A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as

comprehensive planning Correct answer

indicative planning

perspective planning

regional planning

sectors planning

Answer Details

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Economic Development And Planning

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Question 35 Report

A negative effect of the discovery of petroleum on the Nigerian economy is

conversion of the economy into a mono product type Correct answer

development of infrastructures

encouragement of international recognition

provision of job opportunities

rapid industrialization

Answer Details

Read lesson note on Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

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Question 36 Report

The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as

average utility

marginal cost

marginal product

marginal utility Correct answer

total utility

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

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Question 37 Report

The main differences between money market and capital market is that money markets

acts as advisers to investor while capital markets teleguides

are owned by individuals, while capital markets are owned by government

accepts collateral, while capital markets does not accept such

accepts funds while capital markets disburse fun to investors

provide short term loans, while capital markets provide long-term loans Correct answer

Answer Details

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Read lesson note on Market Structure (JAMB)

Banking

Market Structure

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Question 38 Report

The introduction of money into the economy has helped to resolve the following problems EXCEPT

accessibility of needs Correct answer

availability of goods

coincidence of wants

making deferred payments

measure and store of value

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

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Question 39 Report

Which of the following is NOT a function of the wholesaler in the distributive channel?

Bulk breaking

Direct contact with end users Correct answer

Feedback information to manufacturers

Public relations and advertising of products

Storage facilities for finished products

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Distributive Trade (WAEC)

Agriculture

Distributive Trade

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